#BTC weekly perspective
Let's take a look at the Bollinger Bands. The middle line of the Bollinger Bands has been pretty relevant and acted as a strong resistance for a long time. We couldn't open & close a candle above it since January 2018 !
The Bollinger Bands are clearly negative
and we are taking about long term on the weekly basis. What we mean by that is we are below the mid line of the Bollinger Bands
and as we come up to it by going sideways, the probability increases that we are going back down
and test the lower band.
However, the short term trend is clearly trying to pop back up to that 4k zone (where we have enormous resistance), but intermediate and long term trends are pointing down.
🔴 Now look at the sweet range BTC has been trading in since late November from the MAs prospective.
Seeing some very interesting things
: the price is getting squeezed between the 200-Week MA and the 200-Week EMA.
Look how beautifully these MAs have been acting as a continued support (200-Week MA) and resistance (200-Week EMA).
Looking forward to when Bitcoin breaks out of this range. ⚠️ The breakout is supposed to be violent.